Crypto for calories: Web3 startup rewards users with digital tokens for working out
Staying in shape is essential, but finding the motivation to hit the gym every day ain’t easy. What if you were rewarded for burning calories?
That’s what Web3 fitness appaims to do. The move-to-earn app has inbuilt gaming elements that let you earn rewards in crypto/NFTs for walking, running, or working out.
Co-founded by Viren Baid, Rohit Sharma, and Anurag Meena in January 2022, Fitmint aims to create a community of fitness enthusiasts and make people across the world fitter.
In conversation with The Decrypting Story, Rohit explains. “We noted how challenging it was to stay in shape. I personally found it difficult to get out of bed every day to work out. So, we decided to co-found Fitmint.”
The trio discovered Web3 could be a medium to solve real-world problems and promote a healthy lifestyle.
“In December, we were brainstorming ideas to build and our ideas resonated with the ethos of Web3. The concepts of trust, transparency, and decentralisation led us to build Fitmint,” Rohit says.
Into the Fit-verse
FitMint is a move-to-earn game, with the game contract built on Polygon. In future, the founders plan to integrate it on other chains.
Rohit explains “It is a mobile app where users sign up and create a decentralised in-app wallet, which will be used to hold NFTs and crypto tokens. Once the users sign up, they have to mint a sneaker NFT.”
After minting the NFT token, users can burn calories by walking, running, and more - and earn rewards in crypto.
Rohit says, “We have an in-app tracker to track a user’s calories while working out. We award FITT tokens depending on the calories burnt. A FITT token is an ERC-20 token deployed on Polygon, and can be traded in the market. Users can convert the tokens into fiat currency or use them to participate in multiple in-game activities and social competitions or to upgrade their sneakers.”
The decentralised in-app wallet enables users to hold their NFTs, cryptocurrencies, and other digital assets.
Apart from gamification and decentralised finance, the firm is focusing on the social-fi aspect where they can tokenise social influence and award users.
The Sneaker NFT
Rohit says, “We believe fitness is a social activity. Going to the gym or for a run alone is difficult to do consistently. However, if you go with a group of friends or workout partners, they will encourage you to work out every day.”
The app is available for iOS and Android operating systems.
“We launched our close beta version for Android in April, and for iOS in May. Now it is in public beta, anybody can open the app, mint the NFT, and use the app.”
The co-founder says they have multiple streams of generating revenue.
“We will charge a commission on in-app transactions like selling sneaker NFTs in the marketplace. Right now, we are generating revenue through NFT sales that take place on our platform. When a new user joins, they can mint NFT by paying $150 and we generate revenue,” Rohit says.
Move to earn
Move To Earn (M2E) games have been creating a buzz in the industry as they allow users to earn rewards for taking part in regular exercise or fitness-related challenges and earn crypto and NFTs. Players in the space include StepN ,Genopets, Galvan, DotMoovs, and OliveX.
Rohit believes Fitmint is more inclusive when compared to other move-to-earn applications.
“Other move-to-earn apps either feature walking or running. We think fitness extends beyond walking and running. We are including every activity (cycling,push-ups, sit-ups, playing sports etc) and rewarding users based on the number of calories they have burned.”
He adds that habit tracking is a challenge, and move-to-earn apps place more emphasis on the Web3 space.
“We see Web3 as an enabler, not a solution. Numerous Web2-based fitness apps such as Curefit and HealthifyMe have attempted to address this issue, but their solutions have been limited by the absence of reward models,” Rohit says.
The startup, which currently has a 10-member team, is focusing on the X-to-earn model. In the past, the conventional method of earning money was to work-to-earn, but Web3 enthusiasts believe that future of income is X-to-earn.
“With the advent of technology, people can now earn money through X-to- earn models like play to earn, create to earn, move to earn, invest to earn, and learn to earn. At Fitmint, we link everyday habits to Web3,” Rohit says.
The way ahead
The Bengaluru-based startup intends to integrate its app with fitness wearables like Apple Watch, Fitbit, and others so any physical activity can be rewarded.
The co-founders say they envision Fitmint as a global app.
“We did not want to build an India-specific app; we wanted to build a global app. Our user base is a global community from 50-plus countries, including Japan, Russia, Ukraine, Vietnam, and others.”
He adds that Fitmint has 10,000 downloads and around 8,000 paid users. “We have a 150K-plus community on Discord and 100K- plus followers on Twitter.”
Last month, Fitmint raised $ 1.6 million in seed funding led by General Catalyst. The Web3 startup will use the capital raised to expand its team and optimise its marketing and tech infrastructure.